Coolidge showed that the best government was the one that got out of the way. When he refrained, the economy grew, the Ku Klux Klan faded, and Americans got Model A's and automobiles.

Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.

In a way, Calvin Coolidge is better than Reagan. His tax rates were lower, and he cut budgets.

To investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government.

The 1920s are the decade that signaled the arrival of a gift that still means a lot to us: Saturday.

Right now we're concerned about budget. Right now we're concerned about the prospect of interest rate rise. We're concerned about government corruption, government handing out deals to specific groups. Coolidge fixed a problem like that. He came into a rough time and he, and Harding before him, fixed that by budgeting.

Today we care about budgets more than anything. Our American future hangs on the ability of government to cut budget.